Terms & Conditions

Last updated: 2nd September 2022

About Auto update

The Auto update function is designed to improve your experience with our products, continually improve product performance, and introduce services that are helpful to you. This function will automatically install the app and its updates (including bug fixes, feature enhancements, security patches, and new app modules and versions) by OPPO AppMarket so you can get the best experience from using our services. If you do not want "Finshell Pay" to use this function, go to the following path to turn off this function: Finshell Pay- Me-Settings - Update settings - Auto update over mobile network and WiFi. App functions may vary depending on their versions. Some new functions or features may not be available on old app versions. If an app is not up to date, your user experience or the security of the services we provide may be affected. If you tap "Agree", complete the registration, and use our services, you acknowledge that you have carefully read, fully understand, and agree to all of the provisions of this Agreement as well as the rights you have, and allow us to automatically update apps for you. If you have any questions about these terms, please contact us using the methods below.

Email: [email protected]

Date: 2nd September 2022

Welcome to Finshell Pay, a mobile application with its cognate platforms developed and managed by M-Kash India Financial Solutions Pvt. Limited, a Company incorporated in India as a Company limited by shares under the Companies Act, 2013 bearing Corporate Identity Number U65990MH2019PTC328222 and having its registered office at Embassy 247, Unit no.901,  9th Floor, B-Wing, Hindustan Bus Stop, LBS Road, Vikhroli West, Mumbai, MH 400 083 (herein and in the Platform referred to as ‘M-Kash’, ‘Finshell Pay’, ‘FinShell’ ‘Company’, ‘we’ or ‘us’).

Please read these terms & conditions (the ‘Terms’) carefully which shall include the Privacy Policy and the disclaimers, information and intimations mentioned on the Platform (defined herein below).

These Terms govern your use of the Platform. These Terms, therefore, form a legal agreement between the Company and you. By accessing the Platform, using it, logging in to the Platform, sharing your information on the platform, checking on boxes or clicking on buttons, using any of the services available on the Platform, actively or passively and whether directly or indirectly, connotes your explicit consent in accepting and agreeing to the Terms (without exception).

If you do not agree to the Terms, in whole or in part, please do not access the Platform, log in to the Platform, give consents or permissions on and for the Platform, use the Platform and/ or avail the services available on it and/ or check the boxes or click buttons on the Platform which seek your acceptance to the Terms.

This document is an electronic record in terms of Information Technology Act, 2000 and is generated by a computer system which does not require any physical or digital signatures. Without limiting the scope, operability and enforceability of this document in any manner, whatsoever, this document is also published in accordance with the provisions of Rule 4 of the Information Technology (Intermediaries guidelines) 2011 and intermediary guidelines rules 2021, that provides for the due diligence to be exercised for the access or usage of the Platform.


Unless the context otherwise requires the words used in the Terms shall have the same meaning ascribed to them under this clause.

"Application” or “App" shall mean Finshell Pay, a mobile application developed, designed and managed by the Company;

"Customer(s)" or "you" or "Users" shall mean any person who downloads, installs, accesses, uses or browses the Platform and/ or who applies, avails or continues to avail any of the Services available on the Platform, in any manner whatsoever;

“Fintech Partner” shall mean the entity which is partnered with us and the Lender and which acts as a conduit between the Platform and the Lender thereby enabling you to apply for loan products on the Platform;

"Lender" shall mean a non-banking financial company, Banks or any other RBI regulated entity which, subject to their terms, make available their loan products on the Platform;

“Loan Agreement" shall mean all agreements and ancillary documents which the Lender and/ or the Fintech Partner may require the Customer to execute before the Lender can sanction a loan in favour of the Customer. Lender and/ or the Fintech Partner, in its discretion, may ask the Customers to execute physical or electronic forms and agreements as may be applicable and required from time-to-time;

“Insurer” shall mean insurance companies registered with and approved by Insurance Regulatory and Development Authority of India (IRDA) with whom the Company may partner for being a Group Policy Administrator;

"Online Stores" shall mean the APP Store in the electronic devices, Google Play Store or any other authentic and authorised online marketplace where the App may be made available by the Company to the Users, from time to time;

"Outstanding Amount(s)" shall mean the principal loan amount, interests and/ or any other amounts, penalties, charges or payments which may be due and/ or payable by you to the Company or its Partners including the Lender;

“Partner” shall individually or collectively mean and include a business partner of the Company which, subject to their terms, make available Partner Service(s) through the Platform to the Customers;

‘Partner Service’ shall, subject to their respective terms, mean products and/ or services made available to You by the Partners through the Platform. For example, insurance, mutual funds, loan, etc.;

‘Personal Information’ shall mean personal information including sensitive personal data and information as may be defined and amended under the Information Technology Act and Information Technology Rules;

"Platform" shall mean the Application and/ or the Website;

"Services" shall mean and include the services made available by the Company and its Partners including downloading, installing, accessing and/ or browsing the Platform, applying, availing and/ or continue to availing any of the product or services made available on the Platform including Partner Services;

"User Data" shall mean and include all data, details, information (including Personal Information), documents or materials submitted by you on or through the Platform while registering on it, accessing it, browsing it, applying on it, or attempting to avail or use any of the Services available on it and shall include all data, documents and information which is collected by the Company pertaining to you from all other sources;

"Website" shall mean the corresponding website of the App which may be developed, managed and/ or operated by the Company for the provision of Services.

You agree and acknowledge that Headings used in the Terms and elsewhere are merely for convenience and shall not be used to isolate extracts or to misconstrue the interpretation and/ or the intention of the Terms, which shall be read as a whole and where required in conjunction with the Privacy Policy, disclaimers and other notes on the Platform.


To log in to the Platform, you need to first sign up and create a HeyTap Account, which is managed, operated and provided by BRAVO UNICORN PTE. LTD. ("Bravo"). You agree and undertake that the information provided by you for (i) creating the HeyTap Account; and/ or (ii) to avail services anywhere on or through the Platform shall and must always be accurate, correct and complete and that you shall always be and remain solely liable for the information provided and defend and indemnify the Company and it’s Partners for all consequences arising from and in connection with its correctness, completeness and/ or accuracy. You authorize us to import and use (as per our privacy policy) your User Data and account details dispersed over your HeyTap Account.

You understand and acknowledge that you shall be solely responsible for all the activities that occur under or through your User Account. You agree that the Company and/ or the Partners shall not be responsible and/ or liable for any claims, damages, offence, activities and/ or disputes arising out of or in connection with the use or misuse of your User Account. You undertake that you shall be solely responsible for maintaining the confidentiality of the User Account and for all other related activities under your User Account. The Company reserves the right to either accept, reject, suspend or cancel your registration on the Platform or for any of the Service(s) without any prior notice, intimation, obligation or liability under the Terms or the law.

You understand and acknowledge that you are solely responsible for the capability and safety of the electronic devices and the internet connection, you choose to run and access the Platform and the Services available on it. The Platform’s operation or the Services on your electronic device is subject to compatibility and security features available, the hardware, software specifications, internet connection and other features and specifications, required from time to time. You further agree that you shall be solely liable for any third party cyber-attack which you might experience while accessing the Platform or any of the Services available on it.

Eligibility: You must be 18 years of age or older (21 years and older if a legal guardian has been appointed for you by the Court) to use the Platform and are not barred from contracting under the applicable laws and are competent to enter into a binding contract. M-Kash reserves the right to refuse access to the Platform to users who may have been suspended or removed by M-Kash or its Partners for any reason, whatsoever.


ou unequivocally and irrevocably agree and acknowledge that the Company, throughout the world, owns and/ or controls all intellectual property rights, legal right, title and interest in and to the Platform including its underlying works, irrespective of they being registered or not. You represent that you are of the age of majority as per the applicable laws to which you are subject to and are competent to understand, enter into and comply with these Terms and that you are not legally barred under any law or order to enter into this legally binding agreement. In order to use the Platform and the Services available on it, you are required to download and install the App on your electronic devices like mobile phones, etc.

Subject to the aforesaid and the terms mentioned herein, the Company grants you a limited, non-exclusive, non-transferable, non-sub-licensable and a revocable license to download, install, access and use the App. The license granted to you is limited and shall be subject to the Terms and the necessary App permissions and consents required. Anything which is not explicitly granted under the license herein is specifically reserved by the Company. Nothing contained herein shall be deemed to be a transfer of Company’s legal and/ or intellectual property rights in any manner, whatsoever.

Further, you undertake that the Platform shall be downloaded through the Online Stores solely and that you shall not use any other website or portal for downloading the Platform.

You acknowledge that while the Company may, at its sole discretion, provide maintenance and support for the Platform from time to time, however, the Company shall have no specific obligation, whatsoever, to furnish such services to you. You further understand and acknowledge that we may launch new updates/ upgrades for the Platform. In the event, you choose not to update/ upgrade the Platform version, certain features or functionality may not be accessible to you. However, irrespective of you not upgrading the Platform version, you agree that you shall become subject to any revised terms or policies which may be released by the Company in such new updated/ upgraded App version without the Company having any liability towards you or your inability to access new features.


You, either individually or in conjunction with or through any third party, unequivocally and irrevocably agree and undertake not to:

  1. use the Platform or the Services for committing or perpetrating any fraud, embezzlement, money laundering or for committing any other illegal activity or making use of the Platform for consequentially committing any illegal activities;
  2. to disassemble, reverse engineer, adapt, create derivative works, reproduce, duplicate, copy, sell, resell, distribute and/ or interfere, exploit or do anything, whatsoever, with any portion of the source code of the Platform;
  3. upload, post, comment, email, transmit or otherwise make available any content on or through the Platform which is harmful for/ to a child, unlawful, harmful, pornographic, paedophilic, invasive of another’s privacy (including bodily privacy), threatening, abusive, insulting or harassing including on the basis of gender, torturous, defamatory, vulgar, obscene, libellous, invasive of another’s privacy, hateful, encouraging money laundering or gambling, racially, ethnically or otherwise objectionable and/ or otherwise inconsistent with or contrary to the laws in force;
  4. use the Platform to do anything other than browsing and availing Services in good faith for yourself, solely;
  5. impersonate any person or entity on the Platform or providing information and/ or details which belong to another person or entity and to which you do not have any right;
  6. forge headers or otherwise manipulate identifiers in order to disguise the origin of any content transmitted through the Platform and/ or intentionally communicates any information which is patently false or misleading in nature but may reasonably be perceived as a fact;
  7. upload, post, email or otherwise make available any content or document that you do not have a right to make available under any law or contractual or fiduciary relationships;
  8. upload, post, email, transmit or otherwise make available on the Platform, any content that infringes any legal right of third party including intellectual property rights;
  9. upload, post, email, transmit or otherwise make available on the Platform, any unsolicited or unauthorized advertising, promotional materials, "junk mail," "spam", "chain letters," "pyramid schemes," or any other form of solicitation;
  10. upload, post, email, transmit or otherwise make available on the Platform, any material that contains software viruses or any other computer code, files or programs designed to interrupt, destroy or limit the functionality of any computer software or hardware or telecommunications equipment;
  11. disrupt the normal accessibility, functionalities and flow of the Platform or otherwise act in a manner that affects other user’s ability to engage with the Platform in any manner, whatsoever;
  12. interfere with or disrupt the Platform or servers or networks connected to the Platform in any manner, whatsoever;
  13. violate any law or contractual obligation to which you may be bound;
  14. make any speculative, false, or fraudulent transaction or any transaction in anticipation of demand;
  15. use any tool, robot, spider, scraper, or other automated means or any manual process for interfering with the any of the functionalities of the Platform, extracting, interfering or monitoring any data on the Platform and/ or causing any disruptions and/ or activities on the Platform.
  16. defame, abuse, harass, threaten or otherwise violate the legal rights of others;
  17. threaten the unity, integrity, defence, security or sovereignty of India, friendly relations with foreign States, or public order, or causes incitement to the commission of any cognisable offence or prevents investigation of any offence or is insulting other nation.

You acknowledge that the Company takes no obligation and makes no representations or warranties about the accuracy, truthfulness, correctness, completeness, legality, nature, intention, etc., of the material, data, mutual fund ratings, mutual fund performance assessment, mutual fund risk profiling and information, such as data files, text, offers, invitation to offers, advertisements, comments including user comments, third party communications, facts and figures, computer software, code, audio files or other sounds, photographs, videos, or other images and the likes published on the Platform (collectively, the "Content") to which you may have access to as part of the Service including Partner Services or through your use of the Platform. Under no circumstances, shall the Company be liable in any way for any Content, including, but not limited to the same being inaccurate, incomplete, incorrect, infringing, deemed inciteful, communal, religious or political, containing errors or omissions, or for any loss or damage of any kind incurred as a result of the use or reliance placed on any Content posted, transmitted, linked from, or otherwise accessible through or made available via the Platform. The Content on the Platform should not be regarded as an offer, solicitation, invitation, advice or recommendation to buy or sell any financial and other products/ services. Provision of all financial and other products and/ or services are subject to approval and terms and conditions of the providers of such service/ products.

You expressly understand and agree that your use of the Platform, Services and use or reliance on all information and other Content (including that of the third parties) included in or accessible from the Platform is at your own risk solely. The Services information and Content are provided on an "as is" and "as available" basis. The Company makes no representations, warranties or guarantees, express or implied, regarding the accuracy, reliability or completeness of the Content on the Platform and expressly disclaims any warranties of merchantability, non-infringement or fitness for a particular purpose, whatsoever including any damages or losses which may be caused to you arising from or in connection therewith.

Company and its Partners, affiliates and its business partners make no warranty that (i) the Services will meet your requirements, (ii) the Services will be uninterrupted, timely, secure, or error-free, (iii) the results that may be obtained from the use of the Services will be accurate or reliable, (iv) the quality of any products, Services, information, or other material purchased or obtained by you through the Services will meet your expectations, and/ or (v) any errors in the Platform will be rectified.

Use, Transactions and Payments

You further undertake and acknowledge that by initiating a transaction for requesting or transacting any Service on the Platform you are entering into a legally binding and enforceable contract with either the Company or the respective Partners who is providing you with such product or such Service. You further agree that all your remedies in respect of Services and products availed, applied or initiated by you shall lie against the respective Partner which is providing you such Services and/ or product and with whom you are getting into a contractual relationship. You, therefore, indemnify, defend and hold harmless the Company from all claims, losses, damages, penalties, compensation which may result from, arises from or are in connection with your application, use or your availing of or any attempt to availing of any such Services or product(s).

You, while using any payment method/s available on the Platform undertake and acknowledge that the Company will not be responsible or assume any liability, whatsoever, in respect of any loss or damage arising directly or indirectly to you or anyone acting on your behalf, due to:

  1. Lack of authorization for any payment/ transaction(s), or
  2. Any payment issues arising out of the transaction, or
  3. Illegitimacy of the payment methods (credit/debit card frauds etc.) being used by a you;
  4. Decline of your payment/ transaction for any reason(s), whatsoever, or
  5. Unintended , Multiple or wrong transfer/ payment, or
  6. Payment/ transfers made in pursuance of misrepresentation or fraud,
  7. Payment/ transfers made due to any mistake.

Notwithstanding anything contained herein, the Company, its Partners and their business partners reserve the right to conduct additional verification (for security or other reasons) if it is not satisfied with your creditability, document and information provided by you and/ or your transaction.

You unequivocally and irrevocably agree that your use of the Platform shall not render the Company liable or responsible for, inter alia, misleading, cheating, non-delivery, non-receipt, non-payment, refund, damage, breach of representations and warranties, non-provision of service, product or after sales service or warranty, misrepresentation, fraud, etc. as regards the products or services listed on the Platform or any other loss caused for using the Platform and the Services. The Platform shall not be responsible for any damages, loss, interests or claims arising from failure or refusal for processing any transaction on or through the Platform. In respect of all the aforesaid you undertake and acknowledge unequivocally and irrevocable that all your claims and remedy shall lie solely against the entity which provides you with the Partner Service which you chose to apply, avail/ purchase using the Platform and not, in any scenario, against the Company.


You understand, acknowledge and agree that the Company is the controller/ owner of all rights, title and interest, including any and all intellectual property rights in the Content, Platform, Services, logos, trade names, brand names, designs and any necessary software used in connection with the Platform.

There may be proprietary logos, service marks and trademarks found on the Platform whether owned/ used by the Company or otherwise. By displaying them on the Platform, the Company is not granting you any license to utilize the proprietary logos, service marks, or trademarks. Any unauthorized use of the same may violate applicable intellectual property laws.

You understand and acknowledge that the Platform is owned by the Company. Nothing under these Terms shall be deemed to be a transfer in ownership, rights, title, from the Company to you or any third party, in the Platform.

You further agree and acknowledge that all legal rights including intellectual property rights in respect of all enhancements, upgrades, patches or fixes are made by the Company on the Platform which may be premised, wholly or partly, on the basis of any inputs, advice or suggestions provided by you, shall, notwithstanding anything, vest solely and exclusively with the Company and that you agree not to dispute, either individually or in conjunction with any third Party, any right of the Company in such enhancements, upgrades, patches or fixes. If required under the law, then, you agree and undertake to unequivocally and irrevocably assign all rights and titles, to which you may be entitled under the law, to and in favour of the Company without any delay and on demand.


The Company may, either itself or on behalf of and/ or in association with its Partners, as the case may be, may provide you with Services (including through redirection) on or through the Platform like loans products, group insurance benefits, wealth management services, etc.

You, during and in pursuance of using, applying and/ or availing the Services made available on the Platform hereby permit the Company and its Partners to store, collect, process, use, transfer and/ or share the User Data in accordance with our and, where applicable, in accordance with our Partner’s including Lender’s, etc. Privacy Policy.

In addition to any other conditions mentioned herein or in the Privacy Policy, your access and/ or use of the Platform shall be deemed to continue until the Platform is completely uninstalled from all your devices, there being no Outstanding Amount(s) against your User Account and upon you providing a closure to all the Services availed by you to the satisfaction of the Company/ Partner/ Lender which provides the Service (the ‘Continued Use’). During Continued Use you undertake to be and remain unequivocally and irrevocably bound by these Terms including the Privacy Policy, disclaimers and any updates, amendments or modifications thereof.

Partner Services are provided by the Partners to you subject to your eligibility and other conditions set forth by the Partners. You may be required by the relevant Partner to further provide and/ or complete information, forms, agreements, cheques or documents. Each Partner Service remain subject to the relevant Partner’s own terms and conditions and shall be provided in the form and content at the relevant Partner’s sole discretion.


The Lender may or may not sanction your loan application, in its sole and absolute discretion. The sanctioned Loan may be disbursed as per Lender’s processes and deductions. You are under a mandatory and a legal requirement to repay all Outstanding Amount(s) to the Lender on the agreed respective due date(s). In case of default, the Lender shall have all remedies available to it under the law as well under the Loan Agreement to proceed against you in the manner deemed fit by the Lender. In case of any dispute which you might have in connection with the loan product including but not limited to rejection, loan terms and conditions, Loan Agreement, use of your User Data, documents, etc. then you must take up such disputes solely with the Partner and/ or Lender directly in accordance with the Loan Agreement which you have executed with the Lender. You unequivocally and irrevocably agree that nothing in respect and/ or in connection with loan products, rejection of loan application by the Lender, loan recovery, pre and post disbursal activities, recovery or anything connected therewith shall entitle you to bring in any claim or allegations against the Company. In case the restriction is not applicable under the law then you agree to completely indemnify, defend and hold harmless the Company and its respective employees, directors and shareholders against any claim, loss, damages, penalty, compensation, whatsoever, which may arise from and/ or in connection, howsoever remotely, with (i) your attempt, whether successful or not, in taking or applying a loan product through the Platform; (ii) the Lender refusing or sanctioning and/ or disbursing the loan in your favour; and (iii) pre and post disbursal activities including recovery of loan including Outstanding Amounts by or on behalf of the Lender; (iv) use of your User Data by the Partner or the Lender; (v) breach of any agreement by the Lender/ Partner; (vi) violation of any law by the Partner/ Lender; (vii) anything related with your application and/ or use of the loan products displayed, applied or availed by you on or through the Platform. You agree that the loan offers are/ may be generated, inter alia, on the basis of information provided by you to the Lender.


Mutual fund investments are subject to market risks, read all scheme related documents carefully before investing. Users are strongly advised to read the offer documents completely and carefully.

M-Kash acts as a sub-distributor of distributor of mutual fund and merely redirect you to the Partner’s SDK solely on your actions and your interest shown in mutual fund schemes. Any reference or information about any investment products either as part of model asset allocation or portfolio or goal sheet or financial planning presentation or product literature or marketing material by M-Kash are incidental to and are on instructions of the Partner Services and shall not be intended as an offer or solicitation to buy or sell mutual fund(s) or should not be considered as a substitute for any form of investment advertisement, investment advice or investment information. The information provided on the Platform by or on behalf of the Partner Services contained herein has been prepared by the Partner to assist interested parties in making their own evaluation and has not been prepared taking into account your specific investment objectives, financial situations and needs of any particular investor, and therefore does not purport to contain all of the information that an interested party may desire. The data and information available on the Platform are not professional advice and is non-binding and should not be relied upon as such. You should verify all scheme related information before relying on it. Further, the selection of the Mutual Fund for the purpose of including in the indicative portfolio does not in any way constitute any recommendation by M-Kash with respect to the prospects or performance of these Mutual Funds. We recommend investors to seek advice from professional financial advisors, as required by the user.

For applying for Mutual Fund services and products you shall be redirected on Partner’s SDK. The Partner uses its ARN to provide you with Mutual Fund Services and may require that you register with the Partner separately. In all cases, you shall be bound by Partner terms and conditions and Privacy Policy while applying or availing any mutual fund related services and products and M-Kash shall neither be responsible nor shall have the capacity to control the Partner Services, Partner’s processes and/ or Partner functioning and hence shall not be liable for any action including you sharing any of your information with the Partner in pursuance of your interest, application, registration or availing Partner Services including mutual funds schemes. You therefore agree to indemnify, absolve, keep harmless and defend M-Kash as per the terms mentioned herein.

We and/ or Partner is/ are not responsible for any trading decisions, damages or other losses related to the Information or its use. Please verify all the Information before using it and it is suggested to take professional financial advice before making investment decisions. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up.


For the purpose group insurance you authorise, acknowledge and recognise the Company to act as a group administrator for enabling the provision of group insurance policy to the you, as users of the Platform subject to the Platform user fulfilling the pre-requisites. You acknowledge that the Company acting as a group insurance policy holder/ administrator, may also provide you with the option of enrolling yourself in the group insurance policies for providing you with the benefit of personal accident insurance, hospital daily cash, dengue insurance and life insurance, etc. directly from the Insurer. You agree that any and all complaints, concerns, claims, disputes and the likes which you may have in respect of your group insurance policy in which you are enrolled shall be directed to the Insurer solely and that you absolve and indemnify the Company in any and all such respect. Any information which is provided by you for applying for the group insurance policy shall be your responsibility and you shall be solely liable for any action which may result therefrom. You further acknowledge and grant us the permission for sharing and transferring your information and User Data to the Insurer. You further agree that in addition to Terms, you shall also be bound by the terms and conditions and privacy policy of the Insurer along with the insurance policy terms and conditions. Further, you unequivocally agree to share all documents and details within the timelines and in accordance with the requirements of the Insurer failing which the insurance company, in its discretion, may refuse to grant you insurance policy/ benefits, honour your claim or process enquiries and/ or complaints or to provide you or continue to provide you with the insurance benefits under the group insurance policy.

UPI Payments

The Unified Payments Interface (UPI) is a payment platform built by NPCI (National Payments Corporation of India) that allows instant online payments between the bank accounts of any two parties. UPI offers an architecture and a set of standard API specifications to facilitate online payments.

What is NPCI?

NPCI is an authorized payment system operator by RBI. NPCI owns and operates UPI payment system.

What is PSP bank?

PSP is the banking company authorized to act as a Payment Service Provider (PSP) under the UPI framework. PSP engages the TPAP to provide UPI services to the end-user customers.

What is TPAPs?

Third Party Application Provider (TPAP) is an entity that provides the UPI compliant app(s) to the end-user customers to facilitate UPI based payment transactions.

What is Customer’s Bank?

The Bank where the end-user customer maintains his/ her account and has linked the account for the purpose of debiting/crediting the payment transactions made through UPI.

Who is End User Customer?

The end-user customer is the individual who uses UPI payment facility to send and receive payments. We hereby confirm that:

  1. We, M-Kash India Financial Solutions Private Limited, are a TPAP authorized by NPCI to facilitate payments through HDFC Bank (PSP). We are a service provider and we participate in UPI through PSP bank.
  2. 2.We are bound by the tripartite agreement entered with the sponsor PSP (HDFC Bank Limited) and NPCI. We are responsible for facilitating grievances / complaints resolution of the customers on-boarded on our UPI application.
  3. We shall be the first point of contact for all UPI related grievances/complaints for customers on-boarded by us. In case the complaint/grievance remains unresolved, the next level for escalation will be the PSP Bank, followed by the bank (where you maintain the account) and NPCI in the same order. After exercising these options, you can approach the Banking Ombudsman and / or the Ombudsman for Digital Complaints, as the case may be.
Roles & Responsibilities of NPCI
  1. NPCI owns and operates the Unified Payments Interface (UPI) platform;
  2. NPCI prescribes rules, regulations, guidelines, and the respective roles, responsibilities and liabilities of the participants, with respect to UPI. This also includes transaction processing and settlement, dispute management and clearing cut-offs for settlement;
  3. NPCI approves the participation of Issuer Banks, PSP Banks, Third Party Application Providers (TPAP) and Prepaid Payment Instrument issuers (PPIs) in UPI;
  4. NPCI to provide a safe, secure and efficient UPI system and network;
  5. NPCI provides online transaction routing, processing and settlement services to members participating in UPI;
  6. NPCI can, either directly or through a third party, conduct audit on UPI participants and call for data, information and records, in relation to their participation in UPI;
  7. NPCI provides the banks participating in UPI access to system where they can download reports, raise chargebacks, update the status of UPI transactions etc.
Roles & responsibilities of PSP Bank
  1. PSP Bank is a member of UPI and connects to the UPI platform for providing UPI payment facility to the PSP Bank and TPAP which in turn enables the end-user customers / merchants;
  2. PSP Bank, either through its own app or TPAP’s app, on-boards and registers the end-user customers on UPI and links their bank accounts to their respective UPI ID;
  3. PSP Bank is responsible for authentication of the end-user customer at the time of registration of such customer, either through its own app or TPAP’s app;
  4. PSP Bank engages and on-boards the TPAPs to make the TPAP’s UPI app available to the end-user customers;
  5. PSP Bank has to ensure that TPAP and its systems are adequately secured to function on UPI platform;
  6. PSP Bank is responsible to ensure that UPI app and systems of TPAP are audited to safeguard security and integrity of the data and information of the end-user customer including UPI transaction data as well as UPI app security;
  7. PSP Bank has to store all the payments data including UPI Transaction Data collected for the purpose of facilitating UPI transactions, only in India;
  8. PSP Bank is responsible to give all UPI customers an option to choose any bank account from the list of Banks available on UPI platform for linking with the customer’s UPI ID;
  9. PSP Bank is responsible to put in place a grievance redressal mechanism for resolving complaints and disputes raised by the end-user customer.
Roles & Responsibilities of TPAP (‘Finshell Pay’)
  1. TPAP is a service provider and participates in UPI through PSP Bank.
  2. TPAP is responsible to comply with all the requirements prescribed by PSP Bank and NPCI in relation to TPAP’s participation in UPI.
  3. TPAP is responsible to ensure that its systems are adequately secured to function on the UPI platform.
  4. TPAP is responsible to comply with all the applicable laws, rules, regulations and guidelines etc. prescribed by any statutory or regulatory authority in relation to UPI and TPAP’s participation on the UPI platform including all circulars and guidelines issued by NPCI in this regard.
  5. TPAP has to store all the payments data including UPI Transaction Data collected by TPAP for the purpose of facilitating UPI transactions, only in India.
  6. TPAP is responsible to facilitate RBI, NPCI and other agencies nominated by RBI/ NPCI, to access the data, information, systems of TPAP and carry out audits of TPAP, as and when required by RBI and NPCI.
  7. TPAP shall facilitate the end-user customer with an option to raise grievance through the TPAP’s UPI app, e-mail, messaging platform, IVR etc. for redressal of customer grievances.
Notification - UPI Payment
  1. Finshell Pay have removed the icon entrance related to UPI on July 31st.
  2. Finshell Pay users can view the UPI transaction records by the Notification Banner.
  3. All transaction data of UPI will be deleted on January 31, 2023.
Dispute Redressal Mechanism
  1. You can raise a complaint with respect to a UPI transaction, on Finshell Pay app.
  2. You can select the relevant transaction and raise a complaint in relation thereto.
  3. You can raise a complaint with Finshell Pay app with respect to all UPI related grievances / complaints if the UPI transaction is made through Finshell Pay app. In case the complaint / grievance remains unresolved, the next level for escalation will be the PSP Bank, followed by the bank (where you maintain your account) and NPCI, in the same order. After exercising these options, you can approach the Banking Ombudsman and / or the Ombudsman for Digital Complaints, as the case may be.
  4. The complaint can be raised for both the types of transactions i.e. fund transfer and merchant transactions.
  5. You shall be kept communicated by Finshell Pay by means of updating the status of your complaint on Finshell Pay app or through any other means such as Email, Telephone.
  6. For raising escalations of your unresolved complaints to PSP Bank and/ or NPCI, kindly refer to the below table:


Grievance Redressal Link

PSP Bank




Erroneous Transaction using UPI

For unauthorized transactions or errors in your Account, notify us by sending an email to [email protected]. Finshell Pay shall not under any circumstances be liable for refunding, reversing or reimbursing you for any fraudulent and/ or unauthorised transactions.

User Errors: If you erroneously send a payment to the wrong party or send a payment for the wrong amount (for instance a typographical error at your end) your sole recourse will be to contact the party to whom you have sent the payment and ask them to refund the amount or contact your bank for reversal of funds. Finshell Pay will not reimburse, refund or reverse a payment that you have made erroneously.

No Refunds: All payments on or through Finshell Pay including for mobile/ DTH recharge, Bill Pay, P2P transfers are final. Such transactions cannot be refunded, returned, reversed or cancelled once initiated. Finshell Pay may revoke, suspend and/or terminate your Virtual Private Address (UPI ID) registered against your Finshell Pay account anytime with or without prior notice at its sole discretion. In addition, your bank may suspend/ terminate UPI services at any time with or without prior notice. Finshell Pay will not and shall not be responsible for service outages or changes, modifications and/ or cessation of services.


The Platform may provide you with third party Partner Services by redirecting you to third party webpages, websites, mobisites, portals and the likes in accordance with the requirement of the Partners and otherwise may contain links to other websites or apps owned and operated by third parties who may or may not be providing Partner Services on the Platform ("Linked Websites"). The Linked Websites are not under the control of the Company and the Company does not make and representation or warranty and shall not be responsible for the content, product and/ or services of any Linked Websites or any hyperlink contained in a Linked Website including their terms and conditions and their privacy policy or their activities.

The Platform redirects you to third party webpages/ mobisites/ apps in accordance with the services you apply or request and in requirements of the Partner whose product or service you are applying. Inclusion of any link on the Platform or your redirection by the Platform in pursuance of your request for Partner Services or third party services/ product does not imply any endorsement of the Linked Website by the Company. Your access or use of such Linked Website is entirely at your own risk. You therefore acknowledge and agree that in case of any disputes and/ or complaints in respect of the Linked Websites and their activities, negligence, fraud, etc., your remedy shall lie solely against the respective Linked Website and not against the Company, in any manner, whatsoever.

The Platform may also contain third party advertisements, if any. The display of such advertisements does not in any way imply an endorsement or recommendation by the Company of the relevant advertiser, its products or services. You shall independently refer to the relevant/ respective advertiser for all information regarding the advertisement and its products and/or services. The Company accepts no responsibility for any interaction between you and the third party and you hereby agree that the Company shall be released by you from any liability arising out of or in any way connected with such interaction.

You acknowledge and agree that under no circumstance shall the Company be liable in respect of you using, accessing, applying and/ or availing the services or products offered or provided by any Linked Website including all third party platform or website.


If and where applicable, you may get access to chat rooms, blogs, feedbacks, reviews and other features ("Ancillary Services") that are/may be offered from time to time on the Platform and may be operated by us or by a third party on our behalf. You shall not (nor cause any third party to) use these Ancillary Services to perform any inciteful and/ or illegal activities (including without limitation defaming, abusing, harassing, stalking, threatening, promoting racism, or otherwise violating the legal rights, such as rights of privacy, of others) or immoral activities, falsely stating or otherwise misrepresenting your affiliation with a person or entity. Additionally, the Platform may contain advice/opinions and statements of various professionals/ experts/ analysts, etc. the Company does not endorse the accuracy, reliability of any such advices/opinions/ and statements. You may rely on these, at your sole risk and cost. You shall be responsible for independently verifying and evaluating the accuracy, completeness, reliability and usefulness of any opinions, services, statements or other information provided on the Platform. All information or details provided on the Platform shall not be interpreted or relied upon as legal, accounting, tax, financial, investment or other professional advice, or as advice on specific facts or matters. The Company may, at its discretion, update, edit, alter and/or remove any information in whole or in part that may be available on the Platform and shall not be responsible or liable for any subsequent action or claim, resulting in any loss, damage and or liability. Nothing contained herein is to be construed as a recommendation to use any services, products or processes and the Company makes no representation or warranty, express or implied, in respect of each and every one of them.


The Company reserves its rights to suspend or terminate your User Account in any of the following events:

  1. you breach any provision of these Terms;
  2. the Company is required to do so under law; or
  3. the Company chooses to discontinue the Services being offered or discontinue to operate the Platform;
  4. the license granted to use the App expires, if and where applicable;
  5. on non-payment of Outstanding Amount(s), if applicable.
  6. Any abuse or unfair use of your User Account;
  7. Use of your User Account for immoral and/ or purposes which may or may not be actionable under the law;

Upon termination of your User Account, the rights and licenses granted to you under these Terms shall cease to exist, and you must forthwith stop using the Platform and the Services and repay all Outstanding Amount(s), where applicable.


You expressly understand and agree that your use of the Services and the Platform is at your sole risk. The Services and the Platform are provided on an "as is" and "as available" basis. The Company expressly disclaims all warranties of any kind, whether express or implied, including, but not limited to any of the implied warranties of merchantability, fitness for a particular purpose, non-infringement, etc. Any material or information accessed, downloaded or otherwise obtained or used by you through your access and/ or use of the Platform, is at your own discretion and risk and that you will be solely responsible for any loss and/ or damage caused to you or to your electronic device or data. No advice or information, whether verbal or written, obtained by you from the Company, for the Services or through the Platform shall create any representation or warranty not expressly stated in these Terms. The Services are intended for your personal, non-commercial use. You shall be solely responsible for the use, misuse, improper use of the Services, your login credentials and the Platform. The Company shall not be liable for any damages accruing out of the use of the Platform and the Services which have not been expressly stipulated under these Terms. The Company makes no warranty, including implied warranty, and expressly disclaims all obligation arising from and/ or are in connection with (a) the Contents are and/ or will be complete, exhaustive, accurate or suitable to your requirements; (b) The Platform or the Services will meet your requirements or will be available on an uninterrupted, timely, secure, or error-free basis; (c) the results that may be obtained from the use of the Platform or Services will be accurate or reliable. The Company makes no representations, warranties or guarantees, express or implied, regarding the accuracy, reliability or completeness of the Services, Content on the Platform, Linked Websites and expressly disclaims any warranties of merchantability, non-infringement or fitness for a particular purpose, whatsoever including any damages or losses which may be caused to you arising from or in connection therewith.

Notwithstanding anything mentioned herein or on the Platform, whether explicitly or implicitly, we, disclaim all liability arising out or in connection or pursuance of any third party action which in itself can be deemed as a criminal act, an act actionable under the law and/ or an act in conflict with law.


You agree to indemnify, defend, absolve and hold the Company (and its affiliates, officers, directors, agents and employees) harmless from any and against any claims, causes of action, demands, recoveries, losses, damages, fines, penalties or other costs or expenses of any kind or nature, including reasonable attorneys' fees, or arising out of or related to (i) your breach of this Terms, (ii) your violation of any law, (iii) infringement of any third party right whether legal or not, (iv) your use of the Platform, (v) your defaults, negligence or fraud to honour your agreements with the Partners, or (vi) any act or omission of yours which may be actionable under the law or which brings any claim or liability on the Company or its Partners.

You shall not sue or otherwise make or present any demand or claim and irrevocably, unconditionally and entirely release, waive and forever absolve and discharge the Company, its officers, directors, employees, agents, licensees, affiliates, successors and assigns, jointly and individually (hereinafter "Indemnified Party"), from any and all manner of liabilities, claims, demands, losses, claims, suits, costs and expenses (including court costs and reasonable attorney fees) ("Losses"), whatsoever, in law or equity, whether known or unknown, which you ever had, now have, or in the future may have against the Indemnified Parties with respect to the Services and your use of the Platform. You agree to defend, indemnify, and hold harmless the Indemnified Party from and against all Losses resulting from claims made against the Indemnified Party by third parties or yourself arising from and in connection with your use of any of the Service and/ or the Platform.


You expressly understand and agree that the Company, including its directors, officers, employees, representatives or Partners and service provider shall not be liable for any direct, indirect, incidental, special, consequential or exemplary damages, including but not limited to, damages for loss of profits, goodwill, use, data or other intangible losses (even if the Company has been advised of the possibility of such damages), resulting from; (a) use or the inability to apply or avail the Services (b) inability to access and/ or use the Platform (c) failure or delay in providing the Services or access to the Platform for any reasons, whatsoever (d) any performance or non-performance by the Company (e) any damages to or viruses that may infect your electronic devices or other property including data loss as a result of your access to the Platform or your downloading of any content from the Platform (f) server failure or otherwise or in any way relating to the Services and (g) any other loss, damage or consequence resulting therefrom, howsoever remotely and in any manner, whatsoever, from your downloading, installing, accessing, using, uninstalling, disabling the Platform or your use of any of the Services and ancillary services on the Platform including your actions, omissions or from your contributory or individual negligence or mistake. Further, if applicable, you unequivocally and irrevocable agree that the total cumulative liability of M-Kash to you for all claims and causes of action, at single or multiple instances and at all given point in time, shall be limited to Rs 1,000/- solely.


Without limiting the foregoing, under no circumstances shall the Company be held liable for any damage, loss, failure to provide Service or loss of services of Platform, inaccessibility of Platform, Partner Service, deficiency in provision of the Services, breach of any obligation of the Company and/ or its Partners, etc. resulting directly or indirectly from acts of God or nature, forces or causes beyond its reasonable control, including, without limitation, epidemic, pandemic, bio-hazards, diseases, outbreaks, war, terrorist attack, government orders or advisories, lock-downs, lock-outs, strikes, financial crisis, liquidity crisis, internet failures, cyber-attacks, computer equipment failures, telecommunication equipment failures, change in applicable laws and regulations including Reserve Bank of India regulations or any other government regulations, floods, storms, other natural calamities or disasters, electrical failure, civil disturbances, riots, etc.


The Terms, Privacy Policy, disclaimers and all other policies which may be published and amended on the Platform, from time to time, shall form an integral part of the legally binding agreement between you and the Company (the ‘Agreement’).


The Company reserves the right to modify, change, substitute, remove, suspend or update these Terms or any information and policies thereof at any time by posting the updated Terms, information and policies on the Platform. Such changes shall be effective immediately upon such posting. Your continued use of the Services or the Platform shall be deemed as your unconditional and irrevocable acceptance of the revised Terms, information and policies.

We encourage you to visit the Terms periodically to review the most current version of the Terms.


This Agreement shall be construed and governed by the laws of India and in case of a dispute both parties shall try and resolve the dispute amicably in accordance with the Agreement. In case the dispute cannot be resolved in accordance with the terms of the Agreement, then, either Party may serve a notice of arbitration to the other and a mutual arbitrator shall be appointed by both the parties to resolve the said dispute. The arbitration shall be conducted in accordance with the Arbitration and Conciliation Act, 1996 and in amendments. The place of arbitration shall be Mumbai and the proceedings shall be conducted in English. The cost of arbitration shall be borne by the party which is initiating the arbitration. The Award of the Arbitrator shall final and binding on the parties. Subject to this clause, the courts in Mumbai shall have the exclusive jurisdiction for granting any interim reliefs, notwithstanding any conflict of law principles. Both parties agree that Mumbai is the agreed and a convenient place for arbitrating/ adjudicating any claims and disputes.


Entire Understanding: These Terms, along with the forms, disclaimers, privacy policy and other policies, if any, constitute the entire understanding between you and the Company with relation to the Platform and the services made available or offered by the Company.

Waiver: The failure of the Company to exercise or enforce any right or provision of these Terms shall not constitute a waiver of such right or provision. You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to availing of the Services or these Terms must be filed within one (1) year after such claim or cause of action arose or be forever barred.

Severability: If any provision of these Terms is found by a court of competent jurisdiction to be invalid, the Parties nevertheless agree that the Parties shall endeavour to give effect, including commercial effect, to the Parties’ intentions as reflected herein and all other provisions of these Terms shall remain in full force and effect.

Assignment: The Company may freely assign and/ or novate this Agreement, as the case may be, to any of its Affiliates, permitted assigns and/ or any other third entity without any conditions/ restrictions.

Relationship: The Parties are independent principals and nothing in this Agreement shall be deemed to create a joint venture, partnership, association or agency relationship between the Parties or between them or any of their respective Affiliates.

Queries and Concerns

Kindly send your queries and concerns to [email protected] If required, You agree to provide complete support to our team attending your queries and concerns and agree to abide with their decision, as may be applicab